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EU removes Bahamas, St. Kitts and Nevis from tax-haven blacklist

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EU removes Bahamas, St. Kitts and Nevis from tax-haven blacklist

The EU removed the Bahamas and Saint Kitts and Nevis from its list of tax havens after they pledged to address concerns over their tax practices, the European Council said May 25.

Both jurisdictions were moved to a list of jurisdictions that have sufficiently committed to reforming their tax policies but are still under careful monitoring.

"Having fewer jurisdictions on the list is a measure of the success of the listing process," said Bulgarian Finance Minister Vladislav Goranov. Bulgaria currently holds the Council presidency.

"As jurisdictions around the world work to reform their tax policies, our challenge for the rest of the year will be to see that their commitments have been correctly implemented," Goranov added.

The EU first compiled the blacklist in December 2017.

Remaining on the list are American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago, and the U.S. Virgin Islands.